India is ready to move into the “next orbit of growth” after the successful implementation of its Covid vaccination programme, State Bank of India chairman Dinesh Khara said in the UAE on Saturday. “The credit growth in the economy was quite muted for almost two years. I am sure now with this confidence, the capacity utilization will improve, and with the capacity utilisation improving, there will be a revival of investment demand for the corporate sector,” said Khara after visiting the India pavilion at the ongoing EXPO 2020 in Dubai.
“The government has done a wonderful job by continuing its focus on infrastructure investment, which has gone a long way in terms of giving a push to the core sectors of the economy. And with private corporate sectors coming with the investment, the economy will certainly move to the next orbit of development,” he added.
A raft of economic indicators in recent weeks has pointed to a solid recovery under way after the lifting of Covid curbs. Tax revenues have been buoyant and the manufacturing and services sectors have posted robust numbers. Economists estimate growth will be in double digits in the current fiscal year that ends in March. The Reserve Bank of India has forecast GDP growth of 9.5% in 2021.
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